ABS-CBN Corporation has issued a statement defending itself against a series of articles published by the news website Bilyonaryo, which highlighted internal conflict within Lopez Inc., the parent company of the media giant.
In its statement released on April 15, ABS-CBN described the reports as a clear “PR move” aimed at discrediting the network amid the ongoing dispute between former ABS-CBN Chairman Emeritus Gabby Lopez and Lopez Inc. President Piki Lopez.
The company explained that the decline in its pension fund was due to benefits extended to approximately 6,000 employees who lost their jobs after ABS-CBN was denied a franchise in 2020.
Despite continuing financial challenges, ABS-CBN noted that its improving financial statements have convinced the majority of Lopez Inc.’s board of directors to sustain operations. This runs contrary to Piki Lopez’s earlier proposal to shut down ABS-CBN and liquidate assets worth more than ₱40 billion.
ABS-CBN stressed that it will continue to defend itself against the series of articles and any further attempts to undermine the company.